Despite all the hullabaloo about the "fiscal cliff," stock markets have behaved calmly throughout this whole period. Larry Kudlow is guessing that stocks are correctly sniffing that there will be no calamitous falling off the cliff.

Buoyed by a nascent housing recovery, homebuilder stocks have risen dramatically this year — a positive trend that one analyst forecasts will continue, provided the mortgage interest rate deduction isn't eliminated.

Why are stocks rallying amid all the uncertainty? A look at the possibility of a year-end rally, with CNBC's Jackie DeAngelis and the Futures Now Traders, Rich Ilczyszyn at the CME and Anthony Grisanti at the Nymex.

A weak economy, soft corporate earnings and the fiscal cliff, investment houses are warning of impending market turmoil. The outlook is gloomy for the immediate future, with glimmers of optimism for the longer term.